China's Premier Asked BHP's CEO For Cheaper Iron Ore And Didn't Get The Right Answer

BHP Billiton’s new chief executive, Andrew Mackenzie, has reportedly told China’s new leadership that lower iron ore prices won’t be happening any time soon.

Mr Mackenzie, chief executive of the world’s biggest miner since May 10, revealed to The Australian yesterday that the request came from Chinese Premier Li Keqiang in June at a private meeting between China’s new leadership and chief executives from select foreign businesses important to the now slowing Chinese economy.

The Australian reports China’s Premier had a private meeting with Mackenzie in June, which at one point went something like this:

During the meeting, Mr Li side-stepped his interpreter and said to Mr Mackenzie: “Lower prices, lower prices.”

Mr Mackenzie said he reminded the Premier that prices “were now at more sustainable levels” and were already “quite low”.

However, he stressed that he believed Mr Li’s request was said “with a cheeky grin”.

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